Synovus Financial Corp., Columbus, Ga., said it plans to cut 850 jobs and close 39 branches in 2011 as part of ongoing cost cuts at the depository.
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A residential and commercial lender, the bank operates in one of the hardest hit real estate markets in the Southeast. Its stock continues to trade at under $3 a share.
Synovus, which has been unprofitable for nine straight quarters because of bad housing and commercial real estate loans, said the cutbacks should generate more than $100 million in annual savings by the end of 2012.
The moves are expected to result in $28 million in restructuring charges, with $24 million coming in the first quarter. Synovus cut 300 jobs last year.
